Reliance Industries Will Comment on Anil Ambani Gas Dispute Only in Court Reliance Industries Ltd., India’s most valuable company owned by billionaire Mukesh Ambani, said it will comment on a dispute over the supply of natural gas to a company run by his brother Anil Ambani only in the Supreme Court.
Air India Will Create New Units, Cut Costs, Pay Debt to Turn Profitable Air India, the state-run carrier with $1.5 billion of accumulated losses, said it will create four business units, slash capacity and pay debt to turn profitable in three years.
Sensitive Index Falls on Concern Over Poor Monsoon; Jaiprakash Declines Indian stocks fell, with the benchmark index slumping to its first weekly decline in a month, after brokerages raised concern on GDP growth over poor monsoon rainfall and the farm minister said food prices may climb.
NHPC Receives $3.7 Billion of Bids on First Day of Initial Public Offering NHPC Ltd., India’s biggest hydroelectric power generator, received more than 178.2 billion rupees ($3.7 billion) of bids, 3.5 times the stock on offer on the first day of its initial share sale.
Asian Stocks May Add 23%, India Upgraded as Reforms Advance, JPMorgan Says Asian stocks may climb a further 23 percent to 450 by the end of the year amid signs of a stronger- than-expected economic recovery, JPMorgan Chase & Co. said.
Oil Falls as Asian Equities Decline Revives Concerns Over Weak Fuel Demand Crude oil traded above $71 a barrel in New York, poised for a fourth weekly gain on optimism the prospects for a global economic recovery have improved.
Power Grid Corp. to Build Lines to Link Private Generators' Plants to Grid Power Grid Corp. of India, the nation’s biggest electricity transmission company, will build lines to connect private generators’ plants to the grid, according to new rules by the regulator.
El Nino Event to Hoist Palm Oil, Soybean, Sugar Prices, Deutsche Bank Says Palm oil could average 2,300 ringgit ($657) a metric ton this year, 10 percent higher than a previous forecast, amid concerns that an El Nino may curb output as the weather pattern parches parts of Asia, Deutsche Bank AG said.
Government Debt Auction Fails Amid Bank Workers Strike; Bonds Reverse Drop India’s plan to raise 120 billion rupees ($2.5 billion) at a debt auction failed today amid a workers strike at the nation’s banks, the biggest buyers of sovereign securities. Bonds rallied, reversing a decline.
Euro Heads for Fourth Weekly Gain Before German Output, U.S. Jobs Reports The euro rose, headed for a fourth weekly gain against the dollar and the yen, before a report that economists said will show German industrial production climbed in June, adding to signs Europe’s recession is abating.
Stocks in U.S. Gain, Treasuries Drop After Better-Than-Estimated Jobs Data U.S. stocks jumped after the unemployment rate fell for the first time since April 2008, bolstering speculation that a recovering economy justifies the steepest rally in equities in seven decades. Commodities and the dollar also advanced, while Treasuries retreated.
U.S. Payroll Cuts Slow, Jobless Rate Unexpectedly Falls as Recession Eases The pace of U.S. job losses slowed more than forecast last month and the unemployment rate dropped for the first time since April 2008, the clearest signs yet that the worst recession since the Great Depression is easing.
AIG Credit Swaps Decline to Lowest in Five Months as Insurer Posts Profit The cost to protect against an American International Group Inc. default dropped to the lowest since February after the insurer, rescued by the U.S. government, reported its first profit in seven quarters.
BNP $1.4 Billion Bonus Pool Is Dwarfed by Goldman, Morgan Stanley Payouts BNP Paribas SA’s 1 billion-euro ($1.4 billion) bonus pool is sparking criticism from French politicians even though it’s dwarfed by payouts at the biggest U.S. investment banks.
Citigroup Said to Consider Giving Up Control of Phibro Energy-Trading Unit Citigroup Inc. may give up control of its Phibro LLC energy-trading business to outside investors, a person familiar with the matter said, as the bank faces what may be a $100 million payday for the unit’s chief, Andrew Hall.
UBS Tax Accord Is Still Being Negotiated by U.S., Switzerland, Lawyer Says The U.S. and Switzerland are still negotiating a settlement of a Justice Department lawsuit against UBS AG seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts.
Corporate-Bond Risk Drops to Lowest in 14 Months After U.S. Jobless Report The cost of protecting U.S. corporate bonds from default dropped to the lowest in more than 14 months after a government report showed the pace of job losses slowed more than expected and the unemployment rate fell last month.
source: Bloomberg
